All Forum Posts by: Patrice Boenzi

@Michiko Gladman check out the apartment complexes in the areas you are looking many of them offer a short-term lease option; however, you will pay more for that. Another thought, post on FB Marketplace and see if you can find a sublet or on Craigslist, but make sure you do your due diligence and screen properly - safety first! What is the plan after the short-term lease? Rates are still low and it is a great time to buy, if you desire to do that. PM if you want to talk about it further. Good luck.

@Adam Tafel these are great ideas! Everyone thinks I am an extrovert, but am truly balanced. The introvert in my is excited about the opportunity to slow down and prospect. I have been making, non-real estate calls, to my older sphere to just check on them and see if they need anything. 

@William M. Nice!

In my neck of the woods, Illinois, a home inspection is a contractural right; however, the buyer can opt to give up that right. Our contract gives us the ability to buy "As-Is" and even though you buy "As-Is" you still have the right to do a home inspection and if not satisfactory to the buy, they can cancel the contract and get EM returned. Just because a house if "flipped" does not mean that they work was done correctly. Did you check to see if the seller pulled permits for all the work that needed a permit?

It is very, very challenging to find a rental for someone who is not the "perfectly qualified" person on paper. In my area, rentals are hard to come by so competition to get them is very hard. My suggestion would be to look for a private landlord whom she can explain her story and hopefully find one that will give her a chance. In my area, rental that are managed by property management companies do not have the ability to deviate from the set qualifying criteria. 

@Jennifer Pauyo Hi! I am an investor and Realtor. I am located in the western suburbs of Chicago. 

@Alyssa K. it doesn’t have to be one or the other, at least in Illinois. We have what’s called exclusive agency which allows the owner to try to sell by owner, but it also gives the Realtor the right to market and sell the property too. The way the commission works is if the agent sells it they get whatever commission was agreed-upon and if the owner sells it they can pay the agent a flat fee to manage and help with the paperwork. Sometimes the agent will charge a flat fee if the owner sells it and they don’t want them to handle the paperwork just to cover some of the marketing cost.  That flat fee is decided upon between the owner and the agent. It’s like the best of both worlds sometimes.

@Chase Gruening I have only heard of a 75% cash out refi. Let me know if you find what you are looking for.

@Ashley Abramson this should be (or should have been) included in the original partnership agreement with other unforeseen items like death of a partner, divorce etc. if it is not outlined int the original operating agreement, then you should contact an attorney. Actually, it would be a bad place to start since it sounds like you may need one in the future. Good luck! 

As a Realtor, this infuriates me! BUT let’s talk facts. The listing agent’s sole responsibility is to get the highest price for their seller. The buyer’s agent responsibility is to get the house at the lowest price for their client. When buyers call the listing agent, the listing agent doesn’t have any fiduciary  responsibility to the buyer because they represent the seller. You should never use the listing agent when you’re the buyer.

Now, let's talk dual agency. When an agent acts as a dual agent they have to have permission from both sides. They lose the ability to negotiate to for the seller or to advise them. If everyone is playing by the rules, the only things you're allowed to do is to tell the seller that the buyer is preapproved and can afford the house and then share the same comps with both sides. The seller and buyer negotiate the price, the closing date, earnest money etc. in these cases for Agent gets both sides of the commission unless there was some type of variable commission discussed and disclosed in the MLS.